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MMM Study Guide Part 1
Test Description: Mid-Term Study Game
Instructions: Answer all questions to get your test result.
1) What is the amount of time you have to pay off your loan or to change the payment plan called?
A
loan term
B
to infinity and beyond
C
short term
2) When you promote a product or service by identifying it with a distinct characteristic you are ____ it.
A
branding
B
changing
C
moving
3) Earning interest on interest you have already earned is called
A
interest rate
B
compound interest
C
wealth building
4) writing and following a zero based budget will
A
help you not to overspend or make impulse purchases
B
cause to to overspend and go break
C
is not necessary because I do not spend money
5) When you feel regret or concern after making a large purchase you have
A
buyers happiness
B
buyers remorse
C
no feelings
6) The steady rise of the cost of goods and services is called
A
inflation
B
economy
C
deflation
7) What percent of Americans live paycheck to paycheck ?
A
5%
B
25%
C
70%
8) Caveat Emptor is Latin for
A
buyer's happiness
B
buyer beware
C
buyer's remorse
9) A system by which goods and services are made and given out is called
A
interest rate
B
economy
C
market
10) co-signing a loan with a friend or family member will
A
ensure they will pay the loan on time each month
B
really, really help them out
C
damage your credit when they do not pay the loan
11) When you buy an item with credit and pay for it over time you
A
finance it
B
pay cash for it
12) The amount of money you owe in addition to what you borrow is called
A
inflation
B
emergency fund
C
interest
13) What is a series of envelopes that you put a set amount of cash in each month for expenses like food, gas, movie night, and so on
A
money system
B
organization system
C
envelope system
14) Which is a type of product positioning?
A
packaging
B
customer reviews
C
price
15) A specific amount of money you borrow plus the interest rate that you must pay by a certain date is
A
interest
B
personal finance
C
loan
16) What is a copy of each check that you write?
A
a bank statement
B
a checking account
C
carbon copy
17) What is the amount of money you spend that causes some pain to part with, usually about $300
A
significant purchase
B
easy purchase
C
necessary purchase
18) How you and your family decided to spend and save money is called
A
loan
B
personal finance
C
economy
19) A typical millioniare would
A
buy a shiny new car with their credit card
B
spend less money than what he makes
C
gain a lot of debt
20) What is a form that is completed annually by current and prospective college students to determine their eligibility for financial aid?
A
grant
B
FAFSA
C
work study
*select an answer for all questions
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